August Market Report 2021
The Treasure Valley housing market’s inventory, while still low compared to previous years, is at the highest point it has been in the past few months. New home sales have decreased by over 6%, and pending sales were down 18% this month compared to the end of July 2021. This was possibly due to the fact that the median price of properties sold in July was 43% higher than the median sale prices back in July of 2020. As a result of the slowed-down sales, inventory crept up to 19%, although we are still far from an oversupplied market due to the inventory being still far below pre-pandemic levels.
As a result of the median home prices rising higher and higher, the inventory of homes being placed on the market increased in the past few months, reaching an inventory point not seen since before March of 2020. The housing market at the end of June 2021 had 729 existing homes ready to buy which was up over 50% since the previous month. The housing market continues to move quickly, as the average days on the market that a home for sale has is about 13 days.
The median sales price in Ada County reached $540,000, which was 2.9% more than in June 2021, and there were over 1,055 homes on the market which is up 44.7% since June 2021. In Canyon County, the median sales price was $414,750 and there were over 600 homes in the inventory.
The average mortgage rates remain much as they have for the past month, although mortgage applications have risen by 2.8% in the past few weeks due to the rise in jobs. Job openings reached 10.1 million in June alone, and that number continues to rise. The demand for products is greater than the availability of workers, but with the continuation of hirings and the current confidence in the job economy, the demand imbalance should even out soon.
With the housing market inventory continuing to even out alongside the economy, the possibility for you to find the perfect home to buy is even better than before, and we are here to help you in any way that we can.